One of the many reasons for rising prices in an import-dependent India is the cheapness of its currency, the Indian rupee. Celebrating its 75th year of independence, economists will need to work hard to reverse the trend of slipping against the US dollar, which happened steeply during the Indira Gandhi years, which was a compulsion to get real during the Narasimha Rao years and which got subjected to the vagaries of the global economy post-2007. If we are to realise Prime Minister Narendra Modi's "Amrit Kaal" dream that is.
Studying how the Indian currency rupee has fared against other global benchmark peers for the past 75 years, one observes a lot of macroeconomic changes since 1947, including the economic stress in the 1960s led by a decline in food and industrial production. Then came the Indo-Chinese and Indo-Pakistani wars, which widened spending while economically unviable socialism, which never succeeds anywhere in the world, eventually led to t...
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